Suppose that the demand curve for movies for college students is Q, = 80 - 1.00p and for other town residents is Q2 = 20-0.25p. %3D The town's total demand curve is
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- A company is considering building a bridge across a river. The bridge would cost $2 million to build and nothing to maintain. The following table shows the company's anticipated demand over the lifetime of the bridge: Price Quantity (Dollars per crossing) (Thousands of crossings) 8 0 7 100 6 200 5 300 4 400 3 500 2 600 1 700 0 800 If the company were to build the bridge, its profit-maximizing price would be $ ? , and it ( would or would not)? produce the efficient level of output. If the company is interested in maximizing profit, it (should , or should not)? build the bridge because profit would be . (Note: If the company incurs a loss, be sure to enter a negative number for profit.) If the government were to build the bridge, it should charge a price of $ ? True or False: The government should build the bridge. True or FalseQUESTION 11 The function that relates the inverse of speed (1/S) (i.e., the time in minutes that it takes to travel 1 mile) to traffic (T) on a highway is 1/S = 4 + 0.05T. Demand for traffic (measure as traffic volume per minute) on this road is T=6,880 -– 70.(1/S). a. Find the equilibrium traffic volume in the absence of any congestion tollI. b. Find the marginal cost function for traffic volume, where cost is expressed as travel time per mile in minutes. c. Find the optimal level of traffic volume. d. Find the optimal congestion toll, expressed in minutes. (Imagine that the congestion toll consists of sitting in the "penalty box" for this period of time.)3. Garibaldi Provincial Park is located between Squamish and Whistler. A travel cost survey was completed to estimate demand for trips to the park. Bascd on the survey an estimated demand function was derived to represent an average household: P= 200 – 50Q. This is demand per year per household. If there are approximately 2000 households with a travel cost of $150, 3000 households with a travel cost of $100, and 4000 households with a travel cost of $50, what is the total consumer surplus per year from the park?
- 12 Jim's Camera shop sells two high-end cameras, the Sky Eagle and Horizon. The demands and selling prices for these two cameras are as follows. Ds = demand for the Sky Eagle Ps= selling price of the Sky Eagle DH = demand for the Horizon PH = selling price of the Horizon = 223 - 0.60P + 0.35PH DH=270+ 0.10P - 0.64PH Revenue Ds The store wishes to determine the selling price that maximizes revenue for these two products. Develop the revenue function R (in terms of Ps and PH only) for these two models, and find the revenue maximizing prices (in dollars). (Round your answers to two decimal places.) Price for Sky Eagle Price for Horizon Optimal revenue R = PS = $| PH = $ R = $Viking Publishing House observed that in the recent years books on nature conservation and climate change have been very popular. As a matter of fact, Jane Goodall's latest book, "The Book of Hope: A Survival Guide for an Endangered Planet" has been a best-seller and Viking estimates the following demand curve for the book: P= 150 -Q In this equation, P is the price of the book and Q denotes yearly sales in thousands of books. In other words, 20,000 books would be expressed as Q = 20. Viking estimates that it incurs a cost of $40 for printing and shipping of each book and pays a $10 royalty to Jane Goodall for each book sold. Calculate the profit-maximizing OUTPUT and PRICE for this book. Also, calculate the TOTAL а. PROFITS. Show all calculations. No calculations, no points. b. Viking's CEO, Mr. Brian Tart, receives a yearly bonus from the company based on the size of the total revenue generated by Jane Goodall's book. Mr. Tart believes that his bonus is going to be satisfactory only…Assuming zero disposal costs, why is the correct profit maximising price to charge for the unsold trees on Christmas Eve the one at which the elasticity of demand is equal to -1? Illustrate using a diagram. Would the price be lower still if there were some disposal costs that the seller would face to dispose of the unsold trees?
- True or False: Suppose you are advising the Dairy Farmers of Canada on changes in the milk market. Suppose the current price is $4.5 per gallon of milk and the quantity demanded is 2.5 million gallons of milk per day. Suppose price elasticity of demand is constant at 0.7. You are considering reducing the supply, so that the price rises to $5 per gallon. Total expenditure on milk by consumers will rise.2. Luchansky and Monks (2009) estimated that the U.S. demand function for ethanol is Q = p-0.504pg 1.2692.226, where Q is the quantity of ethanol, p is the price of ethanol, pgis the price of gasoline, and v is the number of registered vehicle. What is the elasticity of demand for ethanol.16. As a newly college graduate with a BA degree in Economics, you are being asked to evaluate the following situations involving elasticity: SMC would like to increase its enrollment of international students by 5% in the Fall of 2021; its current per unit price is $250 and that its elasticity of demand is -0.7 To achieve SMC's enrollment target of 5%, you would suggest that it should its tuition per unit by % and that the new per unit price be at $ O raise ; 7.14 ; 232.14 cannot be computed based on information provided lower; 7.14 ; 232.14 lower; 14 ; 215 lower; 7; 238
- A movie theater has been charging $ 10.00 per person and selling about500 tickets on Saturday and Sunday nights. After surveyingtheir customers, theater owners estimate that for every 50 cents theylower the price, the number of attendees will increase by 50 per night.Find the demand function and calculate the consumption surplus whentickets are sold for $ 8.00.Q1. Suppose the government is considering an increase in the toll on a certain stretch of highway from $3 to $4. At present, 1 million cars per week use that highway stretch; after the toll is imposed, the number of cars per week will change according to its price elasticity of demand of -0.8 (this elasticity value is estimated based on the initial-value method). If the marginal cost of highway use is constant (i.e., the supply curve is horizontal) and equal to $3 per car, what is the net annual cost to society attributable to the increase in the toll? (your answer must be rounded off to the nearest million dollars per year, i.e., no decimal places; there are 52 weeks in a year)Suppose the demand equation is: Q = 80 – 1.25p. What is the price elasticity of demand if the price is $40 per unit and output is 30 units? The price elasticity of demand is (Enter a numeric response using a real number rounded to two decimal places.) étv 2 Help Me Solve ie EAV लानग ा ा MacBook Air DI DD 80 esc F9 F10 F4 F5 F6 F7 F8 F3 F1 @ $ % & 1 2 3 4 5 7 8. Q W E T Y P tab H K この * 00 R * : -